Agra Apartments
About the project
Wellington Management Inc. owns, manages, and develops commercial and residential properties throughout the Twin Cities metro area. They work to make long-term community impact through careful district planning and neighborhood relationships.
Wellington Management Inc. is located in St. Paul, MN.
LISC provided $2.05 million in acquisition financing to support the construction of Agra, a 155-unit affordable housing development in the Seward neighborhood of Minneapolis. The project's diverse rent restrictions provide housing options to families at a wide range of income levels: 62 of the units will carry rents at the 60% AMI levels, 55 units will be rent-restricted at 50% AMI, and the balance, 38 units, will serve households with incomes at or below 30% AMI utilizing Project Based Vouchers from the Minneapolis Public Housing Authority. Ten units will be set aside for long-term homeless People with Disabilities (PWD) households coming through Hennepin County Coordinated Entry with services provided by Simpson Housing. The development's ground floor will contain commercial space to be leased to a healthy food-oriented local business.
Partner:
Wellington Management Inc.
Location:
Minneapolis, MN
Total Investment:
$2.05 million
Results:
155 units
13,385 sq. ft
6 jobs created or preserved
Project Category:
Affordable Housing
Product:
Acquisition loan
Website:
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